Vistar Corp., a foodservice distributor owned by The Blackstone Group and Wellspring Capital Management, has agreed to acquire the assets of Five Star Distributors Inc., a Chicago-based provider of vending and office coffee products in the Midwest region. No financial terms were disclosed.
Vistar Corporation, one of America’s leading foodservice distributors to the vending-related and independent restaurant market segments, today announced it has entered into an agreement to purchase the assets of Five Star Distributors, Inc., a Chicago-based company. Five Star Distributors, Inc. specializes in full-line vending and office coffee products in the Mid-west region. The company also operates T.J. King, a cash and carry and bulk candy business. The purchase is expected to close by the end of April.
George Holm, President and CEO of Performance Food Group, said, “The strategy behind this acquisition is to significantly enhance our presence in the Mid-west specialty market and grow by utilizing alternative sales and distribution strategies currently in place at Five Star.”
Patrick Hagerty, President and CEO of Vistar, added, “The acquisition of Five Star opens new long-term opportunities enabling us to continue our pattern of rapid growth and further our opportunities to offer our exclusive brands to an expanded customer base.”
John Ochi, President of Five Star Distributors, Inc., said, “We believe that Vistar is a great partner for our business. We are excited about combining the expertise within both organizations to take our business and our service capabilities to a higher level.”
About VISTAR Corporation and Performance Food Group:
VISTAR Corporation, based in Centennial, CO is the leading specialty food distributor to the vending, office coffee services, theatre, and fund-raising markets, with the leading market share in each of these categories. VISTAR Corporation serves more than 33,000 customers in 50 states through 22 distribution centers. Vistar is a division of Performance Food Group based in Richmond, VA. Performance Food Group operates various businesses that focus on diverse segments within the food distribution industry. Performance Food Group markets and distributes more than 68,000 national and private label food and food-related products to over 41,000 restaurants, hotels, cafeterias, schools, healthcare and other institutions. Further information is available at www.pfgc.com